Most Aussies have fears about having a cash-strapped retirement
Approximately 12 million Australians, or three-fifths of the population, fear they will not have enough money saved for retirement, according to a nationwide poll.
Finder’s research revealed that an alarming 28 percent of respondents do not believe they will have enough retirement savings to retire.
18% of respondents stated that they had gathered sufficient funds for a happy retirement.
The survey of 1057 adults indicated that men are significantly more confident about their capacity to retire comfortably than women; 26% of men are convinced they have enough money to live comfortably in retirement, compared to only 11% of women.
Alison Banney from Finder stated that inadequate retirement savings are an increasing problem.
She stated that “millions of Australians are unable to save enough to quit their occupations.”
Most people aim to retire in their mid-60s, but many do not have sufficient funds to do so comfortably.
Also less than 18 percent of Australians make extra salary sacrifice payments to their superannuation, according to the data.
Those with additional savings contribute an average of $713 per month.
The survey indicated that one-third of Australians stated they will “manage” in retirement but will have to reduce their spending.
The rising cost of living since Russia’s invasion of Ukraine as well as the Reserve Bank’s several rate increases has put a lot of pressure on household budgets.
Banney advised individuals to prioritise bolstering their retirement savings.